Question

You
Which one of the following is not a characteristic of a competitive market
(a) Firms can freely enter or exit the market.
(b) Firms generate small but positive economic profits
(c) There are many buyers and sellers
(d) The goods offered for sale are largely the same
Answer​

Answer 1

Answer:

I think it will be a

I think so...

Answer 2

Explanation:

Perfect competition is a type of market where there are huge number of buyers and sellers who deals in the same type of product due to which no individual unit is able to influence the price of the product.

Under perfect competition, there is freedom of entry and exit of firms. Therefore, when there is super-normal profits or losses the firms in the market enter and exit respectively due to which the firms in the industry only earn normal profits in the long run.